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Running Head: Resale1Sparkle and Rust Resale Furniture Elizabeth CarterOhio Christian University
Running head: ResaleSparkle and Rust has a been a vision of mine for some time, and now that vision is turning into reality with the opening of a new store in downtown Lancaster, Ohio. We are a mother-daughter team – Elizabeth Carter & Jackie Stewart - who love vintage, auctions, and repurposing/renewing! Things that make us sparkle here at Sparkle and Rust are; weathered and worn wood, re-purposed rubbish, the perfectly imperfect, nostalgic knick-knacks, marvelous metals, vintage furniture and repurposed furniture. Sparkle and Rust will be a Sole proprietorship. Sole Proprietorship is a type of business registration/entity. It's owned by one person, often to do business in a given state you have to file with the secretary of state, at that time you'll have to pick the type of business entity you'll be registered as and sole proprietor is one of the options. A sole proprietor is totally responsible for liabilities associated with their business. Meaning if we are sued for some reason all of our personal assets are subject being taken should they be found liable for whatever it may be. We did not choose other types of business entity like LP ( limited partnership ) LLP ( limited liabilitypartnership or LLC ( limited liability corporation ). As the title of those implies, investors and owners involved with them are usually limited to the amount they have invested in the business operation. While their personal assets can’t be held liable for debts, lawsuits or whatever that may be associated with the business, and though these are more complex, requiring incorporationand corporate filings and registration with whatever state of authority such as the secretary of state. Since our sole proprietorship is just a mom and daughter shop will be considered as a SMB. Our staff will be functioning from family and will work as self-employed or contracted employment. Employees will be issued a 1099 at the end of the year for tax purposes. We however will be resister a DBA with the secretary of state in the name of ,“ Sparkle and Rust”.
Running head: ResaleSole proprietorship is the cheapest way to start selling goods, I can use my social security number as my federal tax id number when we first start up saving money. I will be able to keep all the profits myself that come into the business. I can hire employee in my business at my own discretion. When and If hiring outside family needs to happen then the CEO will personal sit with each and every candidate to see which person they feel will most likely work for the company.The market that I am entering is large; there are many large furniture stores that sell new furniture across America. In Lancaster we just got a big sandy, they are not as busy as I thought they would be. Big sandy offers many sales. We also have Colonial Heights furniture store, they offer high end furniture and interior decorating for your home. However the prices are still very high. There is several rent to own furniture stores, these stores let you pay by the week to rent.